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Patapsco Bancorp Incorporated
Small banks, credit unions try to lure customers with rewards program
Small banks, credit unions try to lure customers with rewards program

Most checking accounts pay little or no interest, and fewer and fewer are free. But at Patapsco Bank in Dundalk, checking customers can earn about 2 percent a year in a free account or choose cash back or even iTunes rewards. And members of Money One Federal Credit Union in Largo can receive as much as 3 percent. Both institutions participate in a national rewards program for community banks and credit unions called Kasasa that helps them structure and market free checking accounts. The program is designed to make them more competitive with larger banks. "It allows us to have a rewards-based checking account, which is very common with the big banks," said Gloria Bondura,...

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